When it comes to your golden years, the only thing you should be worried about is choosing your next travel destination. An individual retirement account (IRA) lets you set aside funds now so you can enjoy a stress-free retirement later. Choose between traditional or Roth options, depending on your needs. Then enjoy the peace of mind that comes with a more secure future.

Details
  • Save for retirement with tax advantages1
  • Earn competitive dividends higher than regular savings
  • Available in traditional and Roth
  • Annual contribution limits apply
  • $1,000 annual "catch up" contributions allowed for ages 50 and better
  • Funds can be used to purchase CDs within IRA
    • Choice of CD maturities ranging from 3 month to 6 years4
  • No annual fees or set up fees
  • No minimum balance requirements
  • Federally insured
  • $1,000 minimum deposit to open
Traditional vs. Roth

There are advantages to both traditional and Roth IRAs. One of the biggest differences is the time at which you see the most advantage. A traditional IRA provides potential tax relief today, while a Roth IRA has the potential for the most tax benefit at time of retirement.

Traditional IRA

  • No income limits to open
  • No minimum contribution requirement
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59 ½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70 ½

Roth IRA

  • Prepare for qualified medical expenses
  • Income limits to be eligible to open Roth IRA3
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59 ½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No age limit on making contributions as long as you have earned income

1Subject to some minimal conditions. Consult a tax advisor.

2Certain exceptions apply, such as healthcare, purchasing a first home, etc.

3Consult a tax advisor.

4For additional information, refer to the Truth In Savings Disclosure, which will be provided at account opening. Early withdrawal penalties may apply based on the term of the Certificate of Deposit or IRA.